Company Quick10K Filing
Enterprise Products Partners
Price28.64 EPS2
Shares2,202 P/E13
MCap63,074 P/FCF13
Net Debt26,989 EBIT5,854
TEV90,062 TEV/EBIT15
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-06
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-01
8-K 2021-02-03 Earnings, Exhibits
8-K 2020-12-16 Other Events, Exhibits
8-K 2020-10-28
8-K 2020-09-30
8-K 2020-09-08
8-K 2020-08-07
8-K 2020-07-30
8-K 2020-07-29
8-K 2020-06-24
8-K 2020-04-29
8-K 2020-04-03
8-K 2020-03-05
8-K 2020-02-25
8-K 2020-01-30
8-K 2020-01-28
8-K 2020-01-15
8-K 2020-01-06
8-K 2020-01-01
8-K 2019-10-28
8-K 2019-09-10
8-K 2019-09-01
8-K 2019-08-16
8-K 2019-07-30
8-K 2019-07-09
8-K 2019-07-08
8-K 2019-06-24
8-K 2019-06-07
8-K 2019-04-30
8-K 2019-04-15
8-K 2019-03-01
8-K 2019-01-30
8-K 2019-01-03
8-K 2018-12-20
8-K 2018-12-03
8-K 2018-10-30
8-K 2018-10-11
8-K 2018-10-03
8-K 2018-09-11
8-K 2018-08-24
8-K 2018-07-31
8-K 2018-06-06
8-K 2018-04-27
8-K 2018-03-05
8-K 2018-02-15
8-K 2018-02-01
8-K 2018-01-30

EPD 10Q Quarterly Report

Part I. Financial Information.
Item 1. Financial Statements.
Note 1. Partnership Organization and Basis of Presentation
Note 2. Summary of Significant Accounting Policies
Note 3. Inventories
Note 4. Property, Plant and Equipment
Note 5. Investments in Unconsolidated Affiliates
Note 6. Intangible Assets and Goodwill
Note 7. Debt Obligations
Note 8. Capital Accounts
Note 9. Revenues
Note 10. Business Segments and Related Information
Note 11. Income Taxes
Note 12. Earnings per Unit
Note 13. Equity - Based Awards
Note 14. Derivative Instruments, Hedging Activities and Fair Value Measurements
Note 15. Related Party Transactions
Note 16. Commitments and Contingent Liabilities
Note 17. Supplemental Cash Flow Information
Note 18. Condensed Consolidating Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition And
Item 3. Quantitative and Qualitative Disclosures
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 exhibit31_1.htm
EX-31.2 exhibit31_2.htm
EX-32.1 exhibit32_1.htm
EX-32.2 exhibit32_2.htm

Enterprise Products Partners Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
655239261302012201420172020
Assets, Equity
151296302012201420172020
Rev, G Profit, Net Income
2.11.0-0.2-1.3-2.5-3.62012201420172020
Ops, Inv, Fin


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___  to  ___.

Commission file number:  1-14323

ENTERPRISE PRODUCTS PARTNERS L.P.
(Exact Name of Registrant as Specified in Its Charter)

Delaware
 
76-0568219
(State or Other Jurisdiction of Incorporation or Organization)
 
(I.R.S. Employer Identification No.)
 
1100 Louisiana Street, 10th Floor
Houston, Texas 77002
    (Address of Principal Executive Offices, including Zip Code)
(713) 381-6500
(Registrant’s Telephone Number, including Area Code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of Each Class
Trading Symbol(s)
Name of Each Exchange On Which Registered
Common Units
EPD
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes ☑  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer 
Accelerated filer
Non-accelerated filer   
Smaller reporting company
Emerging growth company   
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes    No  

There were 2,182,880,979 common units of Enterprise Products Partners L.P. outstanding at the close of business on October 31, 2020. 



ENTERPRISE PRODUCTS PARTNERS L.P.
TABLE OF CONTENTS

 
 
Page No.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

1



PART I.  FINANCIAL INFORMATION.

ITEM 1.  FINANCIAL STATEMENTS.

ENTERPRISE PRODUCTS PARTNERS L.P.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
   
September 30,
2020
   
December 31,
2019
 
ASSETS
           
Current assets:
           
Cash and cash equivalents
 
$
1,032.2
   
$
334.7
 
Restricted cash
   
98.9
     
75.3
 
Accounts receivable – trade, net of allowance for doubtful accounts
of $13.8 at September 30, 2020 and $12.4 at December 31, 2019
   
3,776.2
     
4,873.6
 
Accounts receivable – related parties
   
4.1
     
2.5
 
Inventories
   
3,192.6
     
2,091.4
 
Derivative assets
   
132.9
     
127.2
 
Prepaid and other current assets
   
556.4
     
358.2
 
Total current assets
   
8,793.3
     
7,862.9
 
Property, plant and equipment, net
   
42,360.1
     
41,603.4
 
Investments in unconsolidated affiliates
   
2,485.4
     
2,600.2
 
Intangible assets, net of accumulated amortization of $1,796.8 at
September 30, 2020 and $1,687.5 at December 31, 2019 (see Note 6)
   
3,348.6
     
3,449.0
 
Goodwill (see Note 6)
   
5,745.2
     
5,745.2
 
Other assets
   
1,003.6
     
472.5
 
Total assets
 
$
63,736.2
   
$
61,733.2
 
 
               
LIABILITIES AND EQUITY
               
Current liabilities:
               
Current maturities of debt (see Note 7)
 
$
1,325.0
   
$
1,981.9
 
Accounts payable – trade
   
896.0
     
1,004.5
 
Accounts payable – related parties
   
121.3
     
162.3
 
Accrued product payables
   
4,317.1
     
4,915.7
 
Accrued interest
   
235.1
     
431.7
 
Derivative liabilities
   
329.7
     
122.4
 
Other current liabilities
   
622.7
     
511.2
 
Total current liabilities
   
7,846.9
     
9,129.7
 
Long-term debt (see Note 7)
   
28,537.0
     
25,643.2
 
Deferred tax liabilities (see Note 11)
   
463.3
     
100.4
 
Other long-term liabilities
   
735.2
     
1,032.4
 
Commitments and contingent liabilities (see Note 16)
   
     
 
Redeemable preferred limited partner interests: (see Note 8)
               
    Series A cumulative convertible preferred units (“preferred units”)
        (50,000 units outstanding at September 30, 2020)
   
49.1
         
Equity: (see Note 8)
               
Partners’ equity:
               
Common limited partner interests (2,182,880,979 units issued and outstanding at September 30, 2020, 2,189,226,130 units issued and outstanding at December 31, 2019)
   
26,381.9
     
24,692.6
 
Treasury units, at cost
   
(1,297.3
)
   
 
Accumulated other comprehensive income (loss)
   
(49.3
)
   
71.4
 
Total  partners’ equity
   
25,035.3
     
24,764.0
 
Noncontrolling interests in consolidated subsidiaries
   
1,069.4
     
1,063.5
 
Total equity
   
26,104.7
     
25,827.5
 
Total liabilities, preferred units, and equity
 
$
63,736.2
   
$
61,733.2
 



See Notes to Unaudited Condensed Consolidated Financial Statements.
2



ENTERPRISE PRODUCTS PARTNERS L.P.
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS
 (Dollars in millions, except per unit amounts)

 
 
For the Three Months
Ended September 30,
   
For the Nine Months
Ended September 30,
 
 
 
2020
   
2019
   
2020
   
2019
 
Revenues:
                       
Third parties
 
$
6,914.5
   
$
7,948.5
   
$
20,126.3
   
$
24,730.2
 
Related parties
   
7.5
     
15.6
     
29.2
     
53.7
 
Total revenues (see Note 9)
   
6,922.0
     
7,964.1
     
20,155.5
     
24,783.9
 
Costs and expenses:
                               
Operating costs and expenses:
                               
Third parties
   
5,288.2
     
6,217.6
     
15,087.4
     
19,342.4
 
Related parties
   
283.0
     
356.1
     
914.5
     
1,051.9
 
Total operating costs and expenses
   
5,571.2
     
6,573.7
     
16,001.9
     
20,394.3
 
General and administrative costs:
                               
Third parties
   
16.3
     
19.1
     
63.1
     
60.9
 
Related parties
   
34.0
     
36.4
     
99.7
     
99.3
 
Total general and administrative costs
   
50.3
     
55.5
     
162.8
     
160.2
 
Total costs and expenses (see Note 10)
   
5,621.5
     
6,629.2
     
16,164.7
     
20,554.5
 
Equity in income of unconsolidated affiliates
   
82.0
     
139.3
     
336.1
     
431.3
 
Operating income
   
1,382.5
     
1,474.2
     
4,326.9
     
4,660.7
 
Other income (expense):
                               
Interest expense
   
(320.5
)
   
(382.9
)
   
(958.2
)
   
(950.2
)
Change in fair market value of Liquidity Option (see Note 8)
   
     
(38.7
)
   
(2.3
)
   
(123.1
)
Interest income
   
2.2
     
6.9
     
12.3
     
8.9
 
Other, net
   
0.7
     
0.7
     
2.5
     
2.8
 
Total other expense, net
   
(317.6
)
   
(414.0
)
   
(945.7
)
   
(1,061.6
)
Income before income taxes
   
1,064.9
     
1,060.2
     
3,381.2
     
3,599.1
 
Benefit from (provision for) income taxes (see Note 11)
   
19.1
     
(15.4
)
   
138.6
     
(37.4
)
Net income
   
1,084.0
     
1,044.8
     
3,519.8
     
3,561.7
 
Net income attributable to noncontrolling interests
   
(31.4
)
   
(25.6
)
   
(82.4
)
   
(67.3
)
Net income attributable to preferred units (see Note 8)
   
-
*
   
     
-
*
   
 
Net income attributable to common unitholders
 
$
1,052.6
   
$
1,019.2
   
$
3,437.4
   
$
3,494.4
 
 
                               
* Amount is negligible
                               
                                 
Earnings per unit: (see Note 12)
                               
Basic earnings per common unit
 
$
0.48
   
$
0.46
   
$
1.56
   
$
1.59
 
Diluted earnings per common unit
 
$
0.48
   
$
0.46
   
$
1.56
   
$
1.59
 













See Notes to Unaudited Condensed Consolidated Financial Statements.
3




ENTERPRISE PRODUCTS PARTNERS L.P.
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED
COMPREHENSIVE INCOME
(Dollars in millions)

 
 
For the Three Months
Ended September 30,
   
For the Nine Months
Ended September 30,
 
 
 
2020
   
2019
   
2020
   
2019
 
 
                       
Net income
 
$
1,084.0
   
$
1,044.8
   
$
3,519.8
   
$
3,561.7
 
Other comprehensive income (loss):
                               
Cash flow hedges: (see Note 14)
                               
Commodity hedging derivative instruments:
                               
Changes in fair value of cash flow hedges
   
(4.2
)
   
72.3
     
392.7
     
58.6
 
Reclassification of losses (gains) to net income
   
29.5
     
(91.5
)
   
(334.8
)
   
(152.0
)
Interest rate hedging derivative instruments:
                               
Changes in fair value of cash flow hedges
   
62.6
     
(18.6
)
   
(207.7
)
   
(23.8
)
Reclassification of losses to net income
   
9.9
     
9.4
     
29.2
     
27.8
 
Total cash flow hedges
   
97.8
     
(28.4
)
   
(120.6
)
   
(89.4
)
Other
   
     
     
(0.1
)
   
(0.6
)
Total other comprehensive income (loss)
   
97.8
     
(28.4
)
   
(120.7
)
   
(90.0
)
Comprehensive income
   
1,181.8
     
1,016.4
     
3,399.1
     
3,471.7
 
Comprehensive income attributable to noncontrolling interests
   
(31.4
)
   
(25.6
)
   
(82.4
)
   
(67.3
)
Comprehensive income attributable to preferred units (see Note 8)
   
-
*
   
     
-
*
   
 
Comprehensive income attributable to common unitholders
 
$
1,150.4
   
$
990.8
   
$
3,316.7
   
$
3,404.4
 
  
* Amount is negligible




























See Notes to Unaudited Condensed Consolidated Financial Statements.
4




ENTERPRISE PRODUCTS PARTNERS L.P.
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
(Dollars in millions)

 
 
For the Nine Months
Ended September 30,
 
 
 
2020
   
2019
 
Operating activities:
           
Net income
 
$
3,519.8
   
$
3,561.7
 
Reconciliation of n